Shares in the restaurant chain fell about 3% after the company said Julie Masino will step down as CEO.

The move ends a roughly three-year tenure in which the restaurant chain was embroiled in a culture war when President Trump and many consumers-and activist investors-criticized Masino's efforts to modernize the eatery and its stores.

Shares in Cracker Barrel plunged during that time, losing more than half its value, though the stock has recently started to recover. This summer, when the company reported improved earnings and a brighter outlook for the rest of 2026, shares shot up 35%.